With over 20 million + NRIs out there, the lack of financial products catering to them is disappointing.
Let me paint a persona: Imagine Nilam, a 30 year old lady living in the UK on a work visa. She’s recently been married and her husband, Naresh, is in the UK as well. The rest of her family are currently in India and, as a couple, they plan to retire in India as well.
Given that she’s an NRI, she would need an NRE/NRO account to manage her remittances to India and income from Indian sources. She owns a house and gets rent but also needs to keep paying her EMIs and maintenance on her house. She relies on companies like TransferWise for her remittance needs but money management via her Indian account is still a hassle. Since her plan is to retire in India, she wants to park some money in Indian MFs/schemes as well.
Can we think of some products for Nilam? Say, an account/card which is compliant with NRE/NRO norms but leaves the overall hassle in the back-end and presents an intuitive interface to her for her financial needs?
Is building for her community going to be on Jupiter’s roadmap in the long term?